The difference between ‘Mortgaging’ and ‘Re-mortgaging’ is simply that if you are ‘Re-mortgaging’ it means you already have a mortgage on your property and by re-mortgaging you are replacing the existing mortgage with a new one.
The mortgage market is very competitive and you may have spotted a lower rate of interest that can reduce your monthly payments, or you may be borrowing more than your present mortgage to pay for home improvements or a family holiday.
We will write to your present lender and ask them for a Mortgage Redemption Statement for your property. At the same time we will send off your Local Authority search and any other necessary searches. During this time you should have made an application for a new mortgage.
Once your new mortgage application has been finalised a Mortgage Offer will be issued. Where your lender allows us, we will use a local search Indemnity Policy to keep costs to a minimum and allow early completion.
A completion date is arranged for the earliest possible date and the Mortgage Deed sent to you for signature and return. We will also ask your current lender for a Mortgage Redemption Statement so we have the exact figure owing to your existing lender.
As soon as we have received the money from your new lender we will send the amount owing to your existing lender in order to pay off the mortgage. Any balance due to you will be sent to you on that day.
We will send the Mortgage Deed to the Land Registry so they can amend and update their records.
Why do I need the BBH team?
It is in your own interests to have professional advice at every stage and the BBH team are here to provide that service to you.
How much will it cost?
The BBH team will provide you with a written fixed cost and will keep you informed of any happenings that might affect this.
How long will it take?
If your mortgage offer is without problems and you return the documents to us promptly, then a matter of days.
How do I know whats happening?
The BBH team will keep you up-to-date. If you have been introduced to us then your broker will also be kept up-to-date.